MUMBAI: On account of the strong Index of Industrial Production (IIP) data for the month of October 2010, the Sensex gained momentum on Friday and was at 19459.93, up 217.57 points or 1.13 per cent. The index touched a high of 19468.81 and low of 19074.57 in trade so far.
The Central Statistics Office of the Ministry of Statistics and Programme Implementation released the Index of Industrial Production (IIP) for the month of October 2010 on Friday. As pet the reports, IIP recorded a double-digit growth at 10.8% compared to 4.4% on a month-on-month basis.
A statement from the ministry of statistics & programme implementation said,” The present growth rate of IIP shows that the revival of economic growth as started a year back is continuing.”
The IIP data was 10.1% during the same period of the previous year and 4.4% during the previous month. The manufacturing sector grew by 11.3% versus 10.8% year-on-year and the capital goods’ growth was recorded at 2.2%.
SensexAccording to experts, several positive factors in the month of Octobers lead to the growth. These factors include previous month’s (September) festive activities, strong auto sales number, PMI growth to 58.4% and Infrastructure Index growth by 7% in the month of October.
Reacting to the announcement, National Stock Exchange’s Nifty was at 5834.40, up 67.90 points or 1.18 per cent. The broader index touched intraday high of 5842.25 and low of 5721.15. BSE Midcap Index was up 2.45 per cent and BSE Smallcap Index gained 2.34 per cent. Buying activity was seen in banks, oil & gas and pharma stocks.
Meanwhile, Jaiprakash Associates leads the rally among the Sensex scrips, trading higher by more than 5% at Rs 105. The other Sensex gainers were ICICI Bank (4.17%), Cipla (3.67%), Reliance Communications (3.22%) and Reliance Industries (3.02%).
Among the Sensex losers were, Bajaj Auto (-2.67%), HDFC Bank (-1.99%), Bharti Airtel (-1.79%), Tata Motors (-0.65%) and Infosys Technologies (-0.58%), TCS, Dr Reddys and DLF.
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